Exchanges
Looking for clarity
The European Union's Markets in Financial Instruments Directive is set for implementation in April 2007. But there's plenty of confusion as to what the new regulations will entail – particularly with regards to 'best execution'. By Hann Ho
Under Scrutiny - Regulators focus on credit
Well-publicised risk issues and a recent growth spurt have brought credit markets firmly under the scrutiny of global regulators. Nikki Marmery investigates whether the attention will prove to be a boon for attracting more investment - or a barrier to…
Endex lists Belgian power forwards
Dutch electricity exchange Endex started listing Belgian power forwards today. Belgian utility Electrabel and German utility Essent did the first trade today, a November baseload contract.
Exchanges continue to clear Refco FCM’s trades, DTCC says broker-dealer operation winding down
The controversy surrounding Refco has not hindered operations at its futures commission merchant (FCM) subsidiary, according to derivatives exchanges.
Major dealers issue joint letter to Fed on credit derivatives
The New York Federal Reserve meeting with 14 major dealers on September 15 appears to have succeeded in coercing the industry into taking more concerted action to tackle the mounting problems in credit derivatives confirmation backlogs. Following the…
BarCap adds precious metals dynamic order book to trading platform
Users of Barclays Capital’s cash and derivatives electronic trading platform, BARX for Commodities, now have access to a dynamic order book function for precious metals. Launched today, the new feature allows clients to submit orders which are then…
MiFID's spectre looms large
Time is running out for European financial institutions to establish a framework for complying with European Union MiFID directives by its implementation date of April 2007. DSTi's Ian Hunt looks at why and what MiFID is, the anticipated impact on market…
Tullett Prebon forms wet freight derivatives venture
Tullett Prebon, part of Collins Stewart Tullett, is the latest interdealer broker to partner with a shipping broker to offer forward freight agreements (FFAs). It has started a venture with three international shipping brokers with the aim of…
US retail in the firing line
Cover Story
Outsourcing alternatives
Collateral management
Exceptions to the rule
Norwegian independent power portfolio managers are concerned that an impending EU directive may split the country’s power market and put them at a disadvantage. Oliver Holtaway reports from Oslo
Raising the standard
Growth in energy trading has led to a need for better standardisation of contracts and integration of exchanges and trading hubs. But more needs to be done to simplify and streamline the trading process, says Wolfgang Ferse
Taking the screen test
Screen trading is spreading faster than ever in the energy markets and market dynamics are changing as a result. Do interdealer brokers in the market see this advance as a threat or an opportunity? Stella Farrington finds out
Doctor’s orders
Should you try to hedge a physical asset by simply selling its expected output? Neil Palmer shows how, in some scenarios, either under- or over-hedging could make more sense
Shelter from the storm
Energy companies are showing increased interest in hurricane derivatives, a specialist product that can provide an additional layer of protection on top of insurance. Joe Marsh reports
Buyer and seller beware
As a busy M&A period looms in the US utility sector, a wave of power plant sales seems likely. But those looking to hedge the fuel supply to these assets will find it tricky, given the current volatile gas prices. By Joe Marsh
BEAU TAYLOR
Beau Taylor , global head of energy at JP Morgan, plans to turn the bank from a niche participant into a dominant player in the energy markets. By Joe Marsh
Pension funds swoop on swaps
Pension fund strategies
Credit default swaps
Back to basics
Legal spotlight
Neil Weidner, capital markets partner, and associate Anthony Dearing at Cadwalader, Wickersham & Taft in London look at the shifting legal framework for UK hedge funds
Dan Gardner
Q&A
East meets West - Asia's hunger for Latin American perpetual bonds
Emerging markets
Inside Close Brothers
Profile